Tulsa, OK Duplex Hel
I am looking at a duplex in south Tulsa, OK, as a potential rental property. Can any other investors/landlords provide feedback on how duplexes compare with single family houses in the Tulsa area? Do you find tenants are shorter term, more needy, late, better, etc? Are rents lower than single family houses? We currently own two single family houses and have good experience with them and the tenants, but are considering duplexes because the numbers look slightly better.
I appreciate any advice!! Thanks!
Hello @Matthew Pilkington,
Well i am a Salesperson here in NY and i also freelance for investment sales to investors in other states in the US.
In a Duplex, management can be at ease, you can evaluate you expenses and monitor cash flow. Reducing your monthly payment (expenses) and the higher rent, can lead to a greater income from the property.
The same applies to Single Family Houses which may on your time input towards property management depending on how far you are away from your property as well as vacancy and sell price of both.
I come across duplexes each time i glance through the Listing here in NY.
Feel free to PM for more info.
Thnaks
Depends on where the Duplex is at. I find that most duplexes are sold at a premium, unless in a C/D area.
I typically see a smaller demand for duplexes than SFR, but it's all about the $$/month.
Rents are lower but 2 rents checks are usually larger than 1.
I agree with Deren. I own a couple duplexes but mostly cater to higher quality homes in the suburbs throughout Tulsa. It's just a theory, but I feel the duplexes draw more investors, thus driving up the valuation of the properties, and unless you are looking on the outskirts of the suburbs in Tusa, many of the duplexes/triplexes/quadplexes are all much older. Depending on where it is located, it could be a decent deal, and I'm sure there's plenty of money to be made. Best of luck to you!
Thanks for the input. We have had good success with the single family homes in the suburbs and will likely stick with that route for now. I agree with your comments about the higher valuations and the age of the duplexes - which I see as downsides. Thanks!!
I own several duplexes in South Tulsa in rough neighborhoods that I got a good deal on.
While the duplexes do have a better ROI than my single family houses the work is much higher.
Several of my houses the people stay 2-3+ years. The turnover is much higher in the duplexes and the average tenant is lower quality.
If I could go back in time, I would have still bought the duplexes, but I mistakenly avoided single family. I should have also bought more houses as they are easier to manage.
Contact me and I can give you more information if you are buying the rougher neighborhoods. They definitely have problems you want to be aware of going in.
Thanks for the info. I think we're staying away from the duplex (and rougher neighborhoods). We like the nicer single family houses in the Owasso area, and I think we'll stick with that. This is a part-time gig for us, so low maintenance/work is a priority.
@Toben B. Sorry to drag out an old post, but I'm considering looking into what might be considered a "bad neighborhood", but I haven't lived in Tulsa for a long time so I'm trying to figure out what areas are bad and exactly how bad they are. Are there specific places you'd avoid altogether?
North Tulsa is considered bad. However I know people who are successful up there if they know the neighborhood.
61st and Peoria is considered bad, but I know these streets really well and invest on a street by street basis.
"One mans shack is another mans castle..."
Even the worst areas of Tulsa aren't as bad as other markets. There's not really war zones here. There's areas some people consider bad, and others are happy to invest. It all depends on the individual investors. In the areas considered bad, as @Toben B. said, you have to look at individual streets. There may be a couple streets with a lot of "issues", and two streets over, you're fine.
Area Vibes is a great resource for getting crime, and other data specific by addresses. I use it a lot when looking at properties in markets I don't know well.
Good luck!!
